FG considers borrowing $2.5b via Eurobonds

Image result for FG considers borrowing $2.5b via EurobondsThe Director-General, Debt Management Office, Patience Oniha said the Federal Government will consider raising $2.5bn through Eurobonds in the first quarter to refinance a portion of its domestic Treasury bill portfolio at lower cost.

She made known that the issue is part of a $5.5bn fund raising programme approved by the National Assembly in 2017.

The DMO Boss added that the country would also try to get back into the JP Morgan Government Bond Index, with improving liquidity in the local currency market.

She said a Eurobond placement would depend on market conditions, pricing and tenor and that Nigeria could also look at a possible syndicated loan as an alternative.

In November, Nigeria sold $3bn in Eurobonds, part of which it used to fund its 2017 budget, and then paid off N198bn in treasury bills.

leave a reply